Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Cash conversion improved compared with the same quarter one year earlier, with operating cash flow and free cash flow both higher. Revenue was higher than both the immediately preceding quarter and the year-ago quarter, while free cash flow margin weakened slightly versus the prior quarter.
- Operating cash flow was higher than both the preceding quarter and the year-ago quarter. Capital expenditure also increased, but free cash flow remained higher than the same quarter one year earlier, supported by the revenue improvement.
- Revenue was higher compared with the immediately preceding quarter and the year-ago quarter. Operating cash flow and free cash flow improved relative to the same quarter one year earlier, while free cash flow margin weakened slightly from the prior quarter.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.2B
Trailing twelve-month free cash flow.
Quarter free cash flow
$427.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$532.0M
Cash generated by operations before capital spending.
CapEx
$105.0M
Capital spending and related asset purchases.
FCF margin
16.2%
The share of revenue converted into free cash flow.
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2024-12-27 | $2.3B | $221.0M | $71.0M | $150.0M | 6.5% |
| 2025-03-28 | $2.2B | $259.0M | $43.0M | $216.0M | 10.0% |
| 2025-06-27 | $2.4B | $508.0M | $83.0M | $425.0M | 17.4% |
| 2025-10-03 | $2.6B | $532.0M | $105.0M | $427.0M | 16.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 77.8% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 4.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$3.9B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Revenue growth supported cash flow
Revenue was higher compared with both comparative periods, and this was the most observable improvement in the data. The increase in free cash flow was stronger than the increase in capital expenditure, indicating that revenue growth was a key factor.
The higher revenue contributed to a free cash flow that was significantly higher than the same quarter one year earlier.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow was higher than both the preceding quarter and the year-ago quarter. Capital expenditure also increased, but free cash flow remained higher than the same quarter one year earlier, supported by the revenue improvement.
Revenue was higher compared with the immediately preceding quarter and the year-ago quarter. Operating cash flow and free cash flow improved relative to the same quarter one year earlier, while free cash flow margin weakened slightly from the prior quarter.
Monitor capital expenditure, which was higher in the current quarter compared with both the preceding quarter and the year-ago quarter.